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Indian equity indices close at record levels as bull run continues
August 29, 2018
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MUMBAI: Continuing their bull run, key Indian equity indices set fresh benchmarks on Tuesday, with the S&P BSE Sensex inching closer to the landmark level of 39,000 points.

Both the BSE Sensex and the NSE Nifty50 touched their respective record intra-day highs of 38,938.91 points and 11,760.20 points, before ending the day’s trade at record closing levels.

The broader Nifty50 of the National Stock Exchange (NSE) closed at 11,738.50 points - higher 46.55 points or 0.40 per cent - from its previous close.

The barometer 30-scrip Sensex, which opened at 38,814.76 points, closed at 38,896.63 points - higher 202.52 points or 0.52 per cent - from its previous session’s close of 38,694.11 points. Intra-day low on Sensex was 38,760.58 points.

The top gainers during the day’s trade were Vedanta, Adani Ports, Reliance Industries, Maruti Suzuki and Axis Bank. On the other hand, the major losers were Yes Bank, State Bank of India, Hindustan Uniliver, ONGC and Tata Motors (DVR).

It was a complete bull-run in progress throughout the trading session in the Indian equity market on Monday, with both the key indices surging over one per cent and scaling new highs. In a first, the S&P BSE Sensex crossed the 38,700-points mark and touched an all-time high of 38,736.88 points, tracking broadly positive global cues. Similarly, the NSE Nifty50 touched a fresh record high of 11,700.95 points.

BANKING PROBLEM

A major deadline in the process of resolving the country’s most pressing corporate and banking problem of Non-performing Assets (NPAs), or bad loans, is ending on Monday with the RBI having set a six-month time frame for finalising resolution plans for around 70 large stressed accounts worth over Rs3.8 lakh crore.

In a circular on restructuring bad loans issued in February, the Reserve Bank of India (RBI) had asked banks to identify projects with even a day’s default as stressed assets and conclude resolution proceedings in 180 days.

The RBI circular had directed banks to take loan accounts of Rs 2,000 crore and above, which remain unresolved for over 180 days starting from March 1, 2018, to the National Company Law Tribunal (NCLT) under the new Insolvency and Bankruptcy Code (IBC).

Domestic rating agency Icra has said in a recent report that these 70 large non-performing asset (NPA) accounts are mostly from the power, telecom and construction sectors.

According to banking sources, banks have been working overtime to finalise the resolution plans for these accounts so as to avoid going for bankruptcy proceedings in the NCLT.

The country’s largest lender, State Bank of India (SBI), is looking at recovering more than Rs40,000 crore of its stressed assets in the current fiscal, an official said on Saturday.

State-run State Bank Of India (SBI) Deputy Managing Director (Stressed Assets Resolution Group) Pallav Mohapatra said, the SBI expects to make a recovery of more than Rs 40,000 crore in the current financial year, mostly through the IBC, while a smaller percentage would be recovered from other sources like sale of assets and one time settlement.  Bankers are hoping that the RBI will take a lenient view and not refer all the NPA accounts to NCLT immediately after Monday’s deadline expiry as the resolution process is already underway in some cases.

The power sector accounts for the major chunk of NPAs and according to RBI, the total outstanding loans of scheduled commercial banks to the sector, including renewable energy, stood at Rs 5.65 lakh crore as on March 2018.

A Parliamentary panel report has revealed that there are as many as 34 stressed electricity projects with a total capacity of over 40,000 MW.

Indo-Asian News Service

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